As directors of the Bank of Cape Cod look to the future, they see the need for a more nimble structure to take advantage of opportunities that may present themselves.

It’s with that outlook that the bank is pursuing a reorganization into a holding company.

“This is good,” said Tim Telman, the bank’s president and CEO. “It shows progress, it shows vision.”

Telman said the bank spent the last three and a half years executing its original business plan, growing to more than $100 million in assets in its two branches, Hyannis and Osterville, with $87 million in loan commitments, $84 million in deposits and $9.3 million in capital. The reorganization is seen as the next step in the bank’s development.

The reorganization gained the needed support of shareholders at their May 5 annual meeting. The bank has filed the appropriate paperwork with the Massachusetts Division of Banks and the Federal Reserve on the request, according to Telman. The locally owned and operated commercial bank opened in 2006 to fill what the founders saw as a void in the Cape’s banking market.

“We felt like now is the time to do it,” Telman said in a June 1 interview.

The reorganization is not in anticipation of any merger or plan to sell the bank to another company, Telman said.

“It’s a structure most banks operate under,” he said.

Telman said that if approved, the move “opens up additional avenues for expansion” with “added flexibility” in such things as mergers, acquisitions and raising capital.

The bank filed an agreement and plan of reorganization to the state’s Division of Banks in February, outlining a reorganization that would place the bank under New England Bancorp, Inc., formed by bank officers in February.

The mechanics of the change would have the bank’s stockholders become the stockholders in the holding company, which would then be the sole stockholder for the bank.

“We have every anticipation that we’ll get it,” Telman said, adding that the bank has followed the necessary steps and meets all of the criteria for forming the holding company.

Telman said that a second capital raising is scheduled in the third and fourth quarters of this year with a target $4 to $10 million.

The bank expects to hear on its petition in July, and if approved follow with a closing on the reorganization the same month.

Telman said that he spent the weeks leading up to the May 5 annual meeting reaching out to the bank’s 320 shareholders to help ensure enough of the outstanding shares would be represented in the vote. Such a vote requires a super-majority of the bank’s more than 1.4 million issued shares to be approved. While he didn’t expect much objection, Telman wanted to work against human nature to set paperwork such as proxy votes aside.

In the end, votes representing 69.5 percent of outstanding shares were cast and 99.5 percent approved of the reorganization.

The comment period for the application to the Massachusetts Division of Banks extends to June 21. Those wishing to submit comments must do so in writing to: Commissioner of Banks, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400.